(Bloomberg) -- Brazilian investment firm XP Inc. expects its retail revenue and net new money to keep growing, but “at less aggressive” levels than expected, Chief Financial Officer Bruno Constantino said on Tuesday.  

Speaking at a press conference about the company’s first-quarter results, Constantino said that while interest rates are still high and risk appetite is reduced, those factors should drive demand for the firm’s fixed income products and funds. 

“High interest rates will remain with us a little longer, and this brings many opportunities for the world of fixed income,” he said.   

Retail revenue reached 3.13 billion reais ($611 million) in the quarter, in line with the consensus estimate of 3.22 billion reais ($629 million). The firm’s fixed income division jumped 112% from a year ago, to 704 million reais ($137 million) in revenue in the quarter. 

When there is a more favorable scenario for stocks, “this tends to give a positive boost to results,” Constantino said. “Until this happens, we will continue to grow at less aggressive rates than we could grow and efficiently control our expenses.”

Within its retail business, gross revenue for the firm’s equities segment rose 6% over the same period a year ago, to more than 1.12 billion reais ($219 million). 

XP’s adjusted net income rose 29% over the previous year, to 1.03 billion reais ($201 million), but that fell slightly below the consensus estimate of 1.11 billion reais. 

(Updates with additional earnings results starting in the sixth paragraph)

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